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▲ US, Iran, Bitcoin (BTC) / ChatGPT Generated Image
As international oil prices surge due to instability in the Middle East, the volatility of the virtual asset market is expanding, with Bitcoin (BTC) falling below the $77,000 mark.
According to crypto media outlet The Crypto Basic on April 28 (local time), Bitcoin's price dropped below $77,000 on news that Iran peace talks had reached a stalemate. International oil prices rose as the possibility of the talks collapsing emerged, putting pressure on virtual asset investors' sentiment. The market is closely monitoring the possibility of prolonged uncertainty from the Middle East, coupled with recent hawkish remarks from US President Donald Trump.
The virtual asset market is seeing a clear flight to safety as disappointed sell-offs pour in due to the sluggish negotiation results. Bitcoin had previously attempted to break the $80,000 resistance level but lost its rebound momentum and is undergoing a correction due to the recent surge in oil prices. Investors are adjusting their asset allocations amid concerns that Middle East tensions could push up energy prices and stimulate global inflation.
Bitcoin's decline has also spread to major altcoins such as Ethereum (ETH) and XRP. Ethereum deepened its decline, synchronizing with Bitcoin's price movements. XRP is also struggling to secure the $1.4 support level. The overall market sentiment index has shifted from a neutral phase to a fear phase, intensifying short-term downward pressure.
Technical analysts predict that whether Bitcoin holds the key support level around $75,500 will be a watershed for future trends. The impact of rising oil prices on the Federal Reserve's monetary policy is also a major market concern. If energy price stability is delayed, liquidity supply to the virtual asset market could be further constrained. Large investors are maintaining a cautious stance, observing the current volatility.
The direction of developments in the Middle East is a crucial variable that will determine the virtual asset market's trajectory in the second half of the year. Geopolitical headwinds, emerging amid institutional changes such as the processing of the US cryptocurrency market structure bill, have presented complex challenges to investors. Bitcoin continues its attempts to build new price defense lines and restore market confidence amidst the turbulence of global affairs.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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